Congratulating At-Bay on their unicorn status

M12 initially invested in At-Bay —the insurance company for the digital age— during their Series B fundraise, followed by Series C participation in December 2020. Today, I’m thrilled to congratulate At-Bay on a successful Series D funding round and their newly minted unicorn status.

At-Bay has developed an end-to-end cyber insurance solution to serve small to medium-sized businesses as well as mid-market companies. These market segments are currently underserved by incumbent insurers, especially as cyber threats become an increasing concern for businesses of all sizes. Several trends have driven the fast adoption of cyber insurance:

• Increased online presence of businesses, leaving companies more susceptible to ransomware attacks and social engineering
• Expanding awareness of cyber risks, especially due to media coverage of large breaches and educational efforts by insurance brokers
• Acceleration of regulatory and commercial pressure, rendering company leaders responsible for cyber negligence; cyber insurance has become a contractual requirement for many
• Scarcity of cyber talent, particularly outside of large enterprises

While cyber insurance is a promising and growing segment, traditional insurers see cyber risk as volatile and unfamiliar. Incumbent insurance providers have been unable to efficiently and economically price risk for smaller businesses, presenting a great opportunity for At-Bay.

At-Bay is the trusted cyber insurance provider for over 9000 businesses and the brokers who serve them. Built on the team’s unique combination of cyber expertise and deep understanding of the insurance industry, At-Bay’s solution uses real-time data ingested from insured customers, as well as dynamic risk models based on continuous cyber research. This data enables At-Bay to implement a holistic risk management approach—both at quote time and during policy lifetime.  At-Bay’s proactive risk monitoring services not only notify insured companies of their cyber risk, but also support customers in resolving cyber threats. 

At-Bay has grown incredibly quickly—10x over the past 12 months—accelerated by the increase in cyber threats introduced by remote work. Unlike most of its competitors offering cyber risk assessment capabilities to insurance carriers or brokers, At-Bay took an insurance-first approach, building in-house underwriting capabilities. They’ve fostered strong relationships with top US wholesale brokerage firms, as well as digital distribution platforms.

At-Bay was founded in 2016 by Rotem Iram (CEO) and Roman Itskovich (CRO), Harvard Business School graduates with experience in cybersecurity and financial services. The founders are extremely nimble and have proven to be fast learners. They have attracted a rare combination of expertise in both cyber and financial services and have built a strong leadership team across their offices in Tel Aviv, New York, and San Francisco. In a traditional and relationship-focused industry where trust and reputation are key, At-Bay has been consistently lauded by references for the team’s interpersonal skills, forward-thinking approach, and trustworthiness. 

Adjacent to their primary cybersecurity focus, At-Bay has introduced new specialty insurance product lines, including Technology Errors and Omissions insurance for technology companies; they plan to offer Miscellaneous Professional Liability insurance later this year. This latest funding round will help the company expand its product offerings and serve new customers and partners. 

I’m excited to continue my role as a board observer, and partner with existing investors Icon Ventures, Lightspeed Venture Partners, Khosla Ventures, Qumra Capital, serial cyber angel and founder of Check Point—Shlomo Kramer, Munich Re Ventures, Acrew Capital, and HSB Capital Partners. Congratulations to Rotem, Roman, and the entire team on this major milestone! We look forward to your continued growth.